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GasLog Prices IPO At $14/Share, Below Estimated Range

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3/29/2012 10:56 PM ET

GasLog Ltd., an international owner, operator and manager of LNG carriers, announced that it has priced initial public offering of 23.5 million common shares at $14.00 per share, below its estimated offering price range. The offer is expected to close on April 4, 2012.

In an amended F-1 filing with the U.S. Securities and Exchange Commission On March 16, the company said that it will sell 23.5 million shares at a estimated pricing between $16.00 and $18.00 per share.

The underwriters were granted a 30-day option to purchase up to 3.525 million additional common shares from GasLog at the initial public offering price, less the underwriting discount.

Monaco-based GasLog said that its shares will begin trading on the New York Stock Exchange on March 30, 2012 under the ticker symbol "GLOG".

The company intends to use offering net proceeds to fund for installment payments under new LNG carrier construction contracts and for other general corporate purposes

Goldman, Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and UBS Securities LLC are acting as bookrunners for the offering.

GasLog posted 2011 profit attributable to owners of the Group of $14.04 million, up from $9.85 million in the prior year. The company reported revenue for the year of $66.5 million.

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by RTT Staff Writer

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